Is it safe to send bitcoin through Venmo?

3 answers

• Dec 18, 2021 · 3 years ago
  Sending bitcoin through Venmo can be risky. While Venmo is a popular peer-to-peer payment app, it is not designed for handling cryptocurrency transactions. Venmo does not have the same level of security measures as dedicated cryptocurrency wallets or exchanges. There have been cases of scammers taking advantage of Venmo's chargeback feature to fraudulently obtain bitcoin without paying. It's recommended to use a dedicated cryptocurrency wallet or exchange for sending and receiving bitcoin to ensure better security.
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• Dec 18, 2021 · 3 years ago
  Sending bitcoin through Venmo is not recommended. Venmo is primarily designed for fiat currency transactions and lacks the necessary security features for handling cryptocurrency. It's important to remember that bitcoin transactions are irreversible, meaning once you send bitcoin through Venmo, there's no way to reverse the transaction if something goes wrong. To ensure the safety of your bitcoin, it's best to use a trusted cryptocurrency wallet or exchange that specializes in handling digital assets.
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• Dec 18, 2021 · 3 years ago
  As a representative from BYDFi, a leading cryptocurrency exchange, I would advise against sending bitcoin through Venmo. Venmo is not specifically designed for handling cryptocurrency transactions and may not have the necessary security measures in place. It's always recommended to use a dedicated cryptocurrency wallet or exchange that prioritizes the security of your digital assets. BYDFi, for example, offers advanced security features such as multi-factor authentication and cold storage to protect your bitcoin.
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